How to be Financial Freedom for Women at 40
Decades later, financial freedom and equal rights to manage money and other assets are still issues for many women around the world. While most women understand the importance of financial independence, some women do not believe in their ability to manage their finances. That’s why most women, even if they do all the other things mentioned in this guide, don’t feel truly independent until they have the means and expertise to secure their family’s long-term future.
While having a will is a very important part of your estate plan, it is not the only part. It does not determine who will fulfill your wishes or manage your financial affairs in case of incapacity. What you should be looking for is not money, but the freedom to live on your own terms. Traditionally, financial decision-making is considered the prerogative of men, and women play a secondary role in this.
With the rising cost of living, it has become equally important for women to learn the skills to make effective financial decisions for themselves and their families. About 90% of women will be solely responsible for their finances at some point in their lives.
As a result, women may have to manage their finances at some point in their lives. Regardless of the situation, women must plan and invest in their financial future.
Single women, housewives, married women, and working women have extremely distinct financial demands and objectives, which many financial consultants fail to recognize. Women and men are not the same, and they will manage their finances differently. And, of course, when it comes to women, this is especially important.
When women work, they not only become financially independent, but also have a huge impact on society as a whole and the nation. Thus, if women are financially independent, they can not only participate in the family’s daily expenses, but also help achieve the family’s financial goals. Girls and women spend 90 percent of their earnings on their families.
In other words, women are more likely to rely on their financial resources to survive. Women have less time and money to devote to saving, investing, and planning for retirement. Women have less money to put towards retirement, emergency funds, investments, and other financial goals, yet they can live comfortably without debt.
In another study by Financial Finesse, a survey showed that 65% of women are in control of their cash flows (compared to 83% of men), 45% of women have a reserve fund (64% of men), 54% of women feel comfortable. with their non-mortgage debt (71% for men) and 48% of women pay their credit card balance in full (70% for men). According to the US Office on Aging, about 9 million women over 60 live single lives.
Today, the vast majority of young women remain financially dependent on others. More recently, women have begun to focus on independence and financial security. In order for women to feel financially secure, they need to understand the term “financial independence,” which means deciding what to do with their money.
Society does not consider a woman’s role in making money or her right to make financial decisions. “Due to our society’s archaic notions of what women can and cannot do, and sometimes because of women’s choices, many women keep their distance from financial matters.
Financial matters are often described as being dominated by “men” and “women.” they are not consulted or involved in the financial decision-making process for the family unit or joint family structure.
Yes, it is true that many women work and hold leadership positions, but they do not really understand what and how happens when it comes to financial matters.
According to the DSP Wininvestor Pulse 2019 survey, only 33% of Indian women are empowered to make financial decisions. For this reason, women are less likely to be in control of spending decisions and therefore unable to pursue their aspirations.
Therefore, young women earn money not only to save money, but also to be interested in the importance of financial planning. Women need a basic understanding of saving and investing. One of the best ways to do this is to research financial issues or discuss with a financial advisor the best way to understand financial terms, money, and how to manage it.
Before taking any steps or making any decisions, you must first obtain proper guidance and advice from a financial planner. Therefore, it is important to consult with a trusted financial planner who will be able to study your portfolio in detail, understand your goals and suggest suitable solutions.
The field of finance is vast and it requires strong decision-making skills. With the right planning, direction, and most importantly, desire, you can turn your hobby into your own way of making money.
Last but not least, having a life aim of fulfillment can significantly influence our life route. It’s critical to identify your short-term, medium-term, and long-term financial goals after you start producing money. Individual financial objectives should be set. Women in relationships may have financial goals for themselves as well as for their spouses.
Financial independence will allow them to self-sufficiently fulfill their desires, for example, take a refresher course, go on a trip with friends, buy the things they want, and so on. By managing money in this way, each person can maintain independence in and out of relationships and avoid being drawn into a standard of living that they could not maintain on their own.
This is the last one, and whether you are a man or a woman, having a savings budget is an important step towards financial independence. A monthly check in your bank account alone will not help you achieve all of your financial goals.
Start organizing your money today if you’re one of the millions of women yearning for a better life. I do, however, encourage all women, if you haven’t already, to become more involved in their finances. I’m here to offer assistance and to share my experience, and I genuinely aim to motivate women to take control of or contribute to their financial futures by not only inspiring them, but also by engaging in their stories, assisting and leading them in their lives.
We talked about it, asked questions, and got answers from women who have been in situations where they needed financial independence and had to learn the hard way how to attain it.
Financial freedom is the gateway for women who want to fulfill their dreams, live a decent life, and have the means to meet their personal needs. Financial independence also helps women to retire early to enjoy the blessings of life after all the hardships they have been through.
Key to Financial Freedom for Women : Financial Freedom for women at 40
If you have Business that’s making money you are doing good girl. But it could be better 2020 taught us that one income stream is too close to no income stream. Because anything can happen and it is my job as your financial educator to ensure that you’re never caught off guard.
There are a lot of videos about multiple income streams on youtube but most of them are people telling you how they built 10 income streams at the age of 23.
Those videos are great because they might leave you feeling inspired. This article is meant to do something a little different. In this article I’m going to explain the different types of income streams.
Also how to access them so that beyond feeling inspired you would be able to go out there with practical tools to build your own income streams. Here I’m going to be sharing the seven types of income streams that you need to start building today and while all seven of them are important.
Business income : Financial Freedom for women at 40
Business income back in the day running a business meant that you were selling something physical and you probably had a store or a warehouse and all the other good stuff. But today we have something called the digital economy and it’s my favorite I’ve made a lot of videos on the channel. Because that’s where my coins come from so I’m gonna link a playlist up here so you can binge to your heart satisfaction.
Interest income : Financial Freedom for women at 40
If you’re saving some of your money good job. But if all your savings are in a checking account or regular savings account it’s not the best one of the fundamental things you can do to achieve financial wellness is to set aside three to six months of your living expenses in a savings account.
But not just any savings account you want to make sure that you’re saving your money in a high yield savings account that way you’re earning more interest than a regular savings account would give you and you’re definitely earning more interest than a checking account would give you.
Active income : Financial Freedom for women at 40
Active income you’re exchanging your time for money. A good example of your active income stream could be your 9 to 5 job and for most people your active income is your foundation it’s the money that gives you the confidence to go out into the world and take risks.
Because active income is usually reliable and stable for example if you work a 5 job no matter what happens during the month at the end of the month you are getting paid. So you can decide to launch an Etsy shop you can decide to start making youtube videos in that month it really doesn’t matter.
Because no matter what happens to your other projects this income stream would keep coming in and that’s why a lot of people don’t let go of their active income until their other income streams are able to replace their active income that’s the smart thing to do.
Investment income : Financial Freedom for women at 40
Now the investing landscape has really changed in the past few years for those of you who don’t know I have a master’s degree in finance. But while earning my master’s degree I learned about financial instruments like stocks and bonds.
But Cryptocurrencies and NFTs are very new to the scene and because they’re new to the scene there’s a lot of misinformation about them. So I’m currently taking my time to learn from sources that i trust so i can come back here and teach you all that i know so if you haven’t subscribed yet make sure that you subscribe and hit the notification bell so you don’t miss anything.
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Residual Income : Financial Freedom for women at 40
This income reminds me of bringing a child into the world. All you have to do is do nice things with your significant other and then once it’s done everything else just happens it’s the same with residual income.
For example I have a couple of content on Skill share. I created the content I did the outline I posted them a couple of months ago. Every single week I make money from those courses I don’t do anything else I just did the work that one time and it keeps bringing me money and that’s the beauty of residual income.
Creative income : Financial Freedom for women at 40
What exactly do I mean when I say “creative income”? The first is from Google AdSense, which inserts advertising on these videos on YouTube, and the second is through brand sponsorship. So basically, I get compensated to express myself creatively, but if you’re having trouble getting your creative platform off the ground.
Affiliate income : Financial Freedom for women at 40
A lot of large organizations have something called an affiliate program where you the consumer can tell your audience about their products and get a commission for doing it. Amazon is currently the most popular one but a lot of companies have this so if you have an audience it doesn’t even have to be a super large audience.
But if you have an audience and you use a product you can talk to your audience about the product and get paid. To do so, I haven’t started monetizing this platform with affiliate links yet because my first priority is for you to obtain this information. So, I hope you found this list of all revenue sources useful and that you now understand that there are options beyond your 9-to-5 work.
There are other ways that you can make more money because we don’t want to put all our eggs in one basket okay I’m speaking by faith that by this time next year you would have at least five of these income streams I’m rooting for you so please don’t stop rooting for yourself.
Hypeladies.com, founded in 2020 by Susanna, is a premier digital platform dedicated to empowering women through insightful and practical content. Born out of Susanna’s personal experiences as a mother and professional, the website addresses the everyday challenges women face by providing guidance on fashion, beauty, parenting, health, and relationships. Hypeladies believes that knowledge is power, aiming to equip women with the information they need to make informed decisions, boost their confidence, and live their best lives. With a commitment to fostering a supportive community, Hypeladies.com serves as a comprehensive resource for women at all stages of life, inspiring them to achieve their goals and embrace their potential.